Erie Insurance Review 2016

Erie Insurance isn’t one of the most well-known insurance companies, but it offers a full suite of insurance policies, IRAs and annuities, which makes it an under-the-radar one-stop insurance shop. Continue reading to learn more about what Erie Insurance offers and to determine whether this insurance company might be a good match for you. After that, use Credit Sesame’s car insurance comparison tool to find the right car, life or home insurance to protect yourself and your family.

States

Unlike many larger carriers, Erie doesn’t do a lot of advertising. Instead, the company relies mainly on satisfied customers to spread the word. Erie operates in 12 states and the District of Columbia. Locations include:

  • Illinois
  • Indiana
  • Kentucky
  • Maryland
  • New York
  • North Carolina
  • Ohio
  • Pennsylvania
  • Tennessee
  • Virginia
  • Washington, D.C.
  • West Virginia
  • Wisconsin

Erie Auto Insurance

When it began as the Erie Insurance Exchange in 1925, this insurer only offered Erie car insurance. As it gained popularity and a satisfied customer base, Erie expanded its insurance offerings to other products and services, although it remains well-known for its auto products.

Erie car insurance includes many covered extras, such as pet injury coverage, transportation expenses after an accident, travel costs, personal property loss, damaged windshields and airbag replacement. These are just a few of the features that set Erie apart from many of its competitors. Erie also gives you the option to lock your rates in until you move, add drivers or change vehicles, and the company provides accident forgiveness coverage that prevents your rates from changing after your first accident. For a better understanding about how Erie’s rates stack up, check out the annual premiums in the table below.

Company2016 Honda Accord2016 Jeep Grand Cherokee
USAA (available to servicemembers and their families)$145$153
Geico$219$224
Erie$195$193
Nationwide$274$243
State Farm$228$243
Travelers$387$386
Liberty Mutual$324$287
Allstate$185$178
Progressive$554$492

Explore how the estimated rates stack up against the competition with an easy to use car insurance comparison tool that provides an idea about the rates you can expect to encounter based on your age, location and vehicle. To get started, go online for a fast insurance quote, or read on to learn more about the potential discounts and policies available.

Discounts

Many factors contribute to the cost of car insurance, including your age, gender and the state in which you live. Thankfully, Erie provides a variety of discounts to policyholders who meet some basic criteria for one or more of its auto insurance discounts, which include:

  • Multi-car/Multi-Policy Drivers: Insuring more than one car or signing up to bundle your car and home or renter’s insurance can help save on car insurance premiums.
  • Young Drivers: If you’re age 21 or younger, you may be eligible for an extra discount if you live with your parents, take an approved driving course or have the longevity associated with spending a certain number of consecutive years insured under your parent or guardian’s policy.
  • College Students: Unmarried, full-time college students who leave their cars at home while they’re away at school can get Erie’s college student discount.
  • Older Drivers: Policyholders who are age 55 or older can get a discount for being the principal driver and/or for completing an approved drivers improvement course in addition to going claims-free for a certain period. This course discount is only available in Ohio, Pennsylvania, Illinois, New York, Virginia and Tennessee.
  • Infrequent Drivers: Erie’s reduced usage discount is open to you if you don’t use your vehicle for 90 days in a row.
  • Safe Drivers: Drivers who go three consecutive years without having to file a claim receive “first accident forgiveness,” which prevents Erie from tacking a surcharge onto your policy after your first at-fault accident.
  • Paying in Full: Drivers who pay their premiums in a single lump sum instead of making monthly payments save up to 7% on their premiums.

Erie Home Insurance

Erie offers several ways to protect your home with homeowners insurance, renters insurance, mobile home insurance and condo insurance policies. You can opt for basic coverage, which offers a replacement-cost guarantee if your home is destroyed or damaged. Choose from three types of coverage, including:

  • Broadcover: This policy covers all specified hazards, including lighting, hail, fire, wind and theft on your personal property and buildings, including the home, fence and garage.
  • Extracover: Provides Broadcover coverage with comprehensive coverage on your buildings.
  • Ultracover: This option gives you the most comprehensive coverage for personal property and buildings.

Erie offers discounts if you have multiple policies, including automobile and life insurance. Discounts are also available if you get a quote between 7 and 60 days before the policy becomes effective or if you install fire alarms, automatic sprinklers and burglary alarms.

Renters Insurance

When you rent a home or an apartment, your landlord most likely has insurance on the building, but that doesn’t cover your personal belongings. Renters insurance provides reimbursement for loss of use, personal injury, property damage and medical payments for anyone who’s injured in an accident in your rental.

Condo Insurance

Erie offers specialized insurance for condo owners. This provides coverage for loss of use, loss assessments if your condo association lacks enough coverage, building additions and alterations of up to $5,000, personal liability for specific claims brought against you anywhere across the globe and medical payments to others injured on the premises.

Mobile Home Insurance

A mobile home insurance policy with Erie insurance covers the manufactured home, attached structures and other structures on the premises. It also provides coverage for personal property, the cost of temporary relocation, bodily injury or personal damage claims and medical payments to other people injured on your property.

Erie Life Insurance

  • Erie’s life insurance quote tool makes it easier to decide on the type of coverage that’s right for you and your family. After answering a few questions about your debt, education funds, any survivors’ income and your assets, Erie provides you with a chart that matches your financial circumstances with one of its life insurance policy options, which include:Term Life insurance: Term life is one of the most popular options in life insurance. It couples low premiums with death benefits for a fixed term and pays your beneficiaries if you die during that term. Erie offers multiple options, including policies with terms of 5, 10, 25, 20 or 30 years, and policies with the option to convert to whole life insurance once the term ends.
  • Whole Life Insurance: This permanent life insurance provides cash value with fixed payments for the life of your policy, even if your health declines.
  • Universal Life Insurance: Like whole life, universal life insurance lasts for your lifetime. It accumulates tax-deferred cash value and a flexible payment schedule based on the amount of the policy’s cash value that you use toward the premium.
You can trust that we maintain strict editorial integrity in our writing and assessments; however, we receive compensation when you click on links to products from our partners and get approved.
Published September 7, 2016
Related Links

Leave Your Reply

Submitting comment...